Loan Comparison: 2.96% vs 6.5%
2343 Downing, Denver, CO 80205 · 1bd/1ba · $500,000
List Price
$500,000
Assumable Rate
2.96%
Remaining Balance
$387,901
Equity Gap
$127,279
Loan Type
FHAAdjust Your Scenario
$25,000
$25,000$127,279
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.96% + gap loan
$2,413/moAssumed loan: $1,627/mo
Gap financing: $786/mo
$589less per month with the assumable
Your Savings on This Property
2343 Downing, Denver · 2.96% FHA vs 6.5% conventional
$589
per month
$7,066
per year
$211,981
over 30 years
$227,161
interest saved
How gap financing works: The equity gap ($127,279) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($102,279 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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